How does the TMX perceive Saudi Arabia's (KSA) interest in mining?

Over the last two or three years, we have actively collaborated with Saudi Arabian organizations and  the Ministry of Industry and Mineral Resources to help them engage with the global mining community. We have supported their outreach through events like PDAC in Toronto, and part of our role has been connecting them with key industry players that could align with their interests.

KSA is positioning mining as the third pillar of its industrial economy. Their commitment is extensive; they have also become significant investors, such as their stake in Vale Base Metals, directly impacting the Canadian mining sector. Additionally, KSA understands that building a successful mining sector requires more than geology and funding; it needs human capital. They have started working closely with Canadian companies to develop the expertise and skills needed to grow their mining operations from the ground up. While they already have producers like Ma'aden in place, there is still massive potential for development across the Arabian Shield, and they see Canada as a key partner for talent.

Are we witnessing an unprecedented boom unlike anything seen in other mining regions?

KSA has started the journey with clear intent and strong investments to make mining work. They have promising geology, but establishing a new mining hub is difficult. Inertia is a real challenge. It is not like many miners are waiting for new projects, as most are already tied to existing portfolios. However, interest is growing, and momentum is building through events like the FMF. It is only a matter of time before more exploration geologists, mining engineers, equipment suppliers and educators get involved in KSA's mining sector.

How does the mix of domestic and foreign investment benefit the mining sector in Canada?

Just like mining projects come from all over the world, so does the capital. It is not just Canadian investors funding these small and medium enterprises —it is international investors using Canada's structures, like NI 43-101 and TSXV, to make it happen. Around 40% of the investment flowing into Toronto comes from outside Canada.

Regulatory frameworks, market infrastructure and expertise make Toronto the top destination for mining companies seeking capital. Compared to other financial hubs, the amount of capital raised in Toronto for mining projects is dramatically higher.

What role do partnerships with other exchanges, such as Santiago, play in expanding market access?

Collaboration between exchanges could strengthen mining markets globally. For instance, we have a relationship with the Santiago Stock Exchange in Chile, which supports the listing of junior mining companies. Mining is one of the few truly global sectors; a pound of copper is the same, wherever it comes from. This global nature creates a dynamic market where no exchange can capture every listing.

That said, Toronto has maintained a dominant position. Over the past five years, 36% of the capital raised by public mining companies has been raised on our Exchanges —more than any other market in the world. While 64% is raised elsewhere, no individual exchange matches our reach or transaction volume.

In what ways does KSA’s transformation stand out compared to other nations' development?

It is fascinating to watch a country and society transform so rapidly—it is not something you encounter often, at least not in my experience. Saudi Arabia is already a significant part of the global economy, particularly in energy, but beyond that, it is a large and diverse economy with a sizable population and a variety of industries. Seeing such an important country evolve at this speed is exciting. It feels like they are navigating a unique moment in history; it is refreshing to see a major new player fully embracing this reality. The more people adopt this mindset, the better for the global economy, especially with the growing demands of the energy transition.